On Mar 31, 2020, the ABC Corp issued a P 3000,000 12% promissory note for machinery purchased.

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On Mar 31, 2020, the ABC Corp issued a P 3000,000 12% promissory note for machinery purchased. The equal principal amount of P 1,000,000 plus interest on the unpaid balance of the principal is payable annually every Mar 31 starting Mar 31, 2021.

What would be the journal entry on Mar 31, 2022?

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Financial Accounting

ISBN: 978-1259103285

5th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

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Posted Date: Mar 06, 2024 05:57 AM

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On Mar 31, 2020, the ABC Corp issued a P 3000,000 12% promissory note for machinery purchased.

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Expert Answer:

Journal Entry on March 31 2022 for ABC Corp Date March 31 2022 Accounts and Explanation AccountDebit... View the full answer

Financial Accounting

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